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ECONOMY

Czech Economy on the Rise

The improving performance of the Czech economy is springing from the industrial sector, where production increased by 11 per cent over a year ago - the best showing in four years. Construction reached a three-year high as well with the volume of projects up 8.2 per cent. The results were released by the Czech Statistics Office October 10.
According to the experts, the growth is caused by the high level of foreign capital in local companies, which is accompanied by rising productivity and export. Such companies represent 27 per cent of all industry sales in the country and their performance growth is near 30 per cent. Among the most successful such companies remain traditional powers like the Skoda carmaker from Mlada boleslav, as well as newcomers like the TV-set manufacturer Otava.

Adam Fendrych/Adam Fendrych




Unemployment Declines in September

Although employment offices as usual registered more unemployed people in September than in any other month, the unemployment rate declined to 8.8 per cent. Experts are surprised by the development and attribute the decrease to the general growth of economy and the successful policies of the employment offices, which are managing to find jobs for difficult-to-employ persons like new graduates and mothers with children.
The highest unemployment rate is in Most (21.5 per cent), the lowest is in the Prague-East and Prague-West districts (3 per cent).

Adam Fendrych/Adam Fendrych




Tosovsky Withdraws Candidacy for EBRD Vice President

Josef Tosovsky, the Czech National Bank (CNB) governor and former prime minister, announced October 5 he was withdrawing his application for the position of vice president of the European Bank for Renewal and Development. He said the reason for his decision is the lengthy selection process.
He did not confirm whether he intended to stay on as CNB governor until the end of his term in 2004. "It's a question of my further plans and they are directly concerned with the future of the whole CNB, and so I would like to discuss this with the president first," said Tosovsky. Some speculate Tosovky might move to the diplomatic corps.

David Pilar/Adam Fendrych




Exchange Rates at the Czech National Bank (valid October 20)
1 EUR = 34.880

countrycurrencyCZK
Australia
Great Britain
Denmark
Japan
Canada
IMF
Hungary
Norway
New Zealand
Poland
Greece
Slovakia
Slovenia
Sweden
Switzerland
USA
1
1
1
100
1
1
100
1
1
1
100
100
100
1
1
1
AUD
GBP
DKK
JPY
CAD
XDR
HUF
NOK
NZD
PLN
GRD
SKK
SIT
SEK
CHF
USD
21.451
59.695
4.678
38.343
27.357
53.165
13.245
4.349
16.241
8.784
10.255
79.579
16.547
4.100
23.134
41.352

Exchange Rates of countries participating in the euro
(converted from the euro rate)

countrycurrencyCZK
Germany
Belgium
Finland
France
Ireland
Italy
Luxemburg
Netherlands
Portugal
Austria
Spain
1
100
1
1
1
1000
100
1
100
1
100
DEM
BEF
FIM
FRF
IEP
ITL
LUF
NLG
PTE
ATS
ESP
17.834
86.465
5.866
5.317
44.288
18.014
86.465
18.014
15.828
2.535
20.963